Once a tool for extremely wealthy individuals, trusts have gained in popularity over recent decades. Changes in laws governing trusts and the development of new approaches to estate planning have made trusts an invaluable tool for many working class families to ensure they are able to provide financial security to their loved ones. A trust can help make sure that your assets are distributed according to your wishes in a variety of different ways, some of which are discussed below. An experienced estate planning attorney can review the various types of trusts that you may be eligible for and can help you determine the right type and structure to achieve your estate planning goals.
Trusts Can Avoid Probate
The majority of trusts are established during a person’s lifetime, and these trusts will be eligible to avoid the probate process. While the New York probate process is less difficult than the probate process in other states, it can still be time-consuming and costly. Trusts are an effective way to allow loved ones to access the assets you wish to distribute to them without waiting for the probate process to be complete. Ultimately, this saves you time and money in addition to keeping assets within the trust out of the public record associated with the probate process.